Nova Lifestyle Stock Forecast
Green day on Friday for Nova Lifestyle stock after gaining 3.33%
(Updated on Apr 26, 2024)
The Nova Lifestyle stock price gained 3.33% on the last trading day (Friday, 26th Apr 2024), rising from $2.70 to $2.79. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.08% from a day low at $2.64 to a day high of $2.83. The price has risen in 7 of the last 10 days and is up by 20.78% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 58 thousand more shares were traded than the day before. In total, 103 thousand shares were bought and sold for approximately $288.17 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 35.92% during the next 3 months and, with a 90% probability hold a price between $2.58 and $4.69 at the end of this 3-month period.
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NVFY Signals & Forecast
The Nova Lifestyle stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $2.59 and $2.40. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 32.23%. Further rise is indicated until a new top pivot has been found. Nova Lifestyle has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Nova Lifestyle stock
Nova Lifestyle finds support from accumulated volume at $2.76 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.187 between high and low, or 7.08%. For the last week, the stock has had daily average volatility of 11.82%.
Our recommended stop-loss: $2.68 (-4.02%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (NVFY) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Nova Lifestyle to open at $2.75, and during the day (based on 14 day Average True Range), to move between $2.45 and $3.13, which gives a possible trading interval of +/-$0.335 (+/-12.01%) up or down from last closing price. If Nova Lifestyle takes out the full calculated possible swing range there will be an estimated 24.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.76 (1.08%) than the resistance at $2.86 (2.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Nova Lifestyle stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Nova Lifestyle stock to perform well in the short-term.
Current score: 4.475 Buy Candidate Unchanged
Predicted Opening Price for Nova Lifestyle of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$2.75 ( 1.28%) | $2.79 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NVFY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.94 | 5.43 % | |
R2 | 2.87 | 2.87 % | ||
R1 | 2.83 | 1.28 % | ||
Current price: | 2.79 | |||
Support | S1 | 2.68 | -3.84 % | |
S2 | 2.64 | -5.43 % | ||
S3 | 2.57 | -7.99 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.04 | 8.96 % | |
R2 | 2.91 | 4.30 % | ||
R1 | 2.86 | 2.51 % | ||
Current price | 2.79 | |||
Support | S1 | 2.76 | -1.08% | |
S2 | 2.75 | -1.43% | ||
S3 | 2.47 | -11.47% |
FAQ
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